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Abu Dhabi's TAQA sells Dutch pipeline stake for $240m

Sale of stake in Noordgastransport to pension fund PensionDanmark is expected to close by 2013

(Photo for illustrative purposes only)

Abu Dhabi National Energy Co (TAQA) has agreed to sell its 40 percent stake in a Dutch natural gas pipeline to a Danish pension fund for $240 million, the state-owned Gulf firm said in a statement on Sunday.

The sale the stake in Noordgastransport (NGT) to pension fund PensionDanmark A/S is expected to close by 2013, TAQA said.

NGT consists of about 470 kilometres (295 miles) of offshore pipeline with a daily gas capacity of around 42 million cubic metres, the statement said. TAQA bought the stake in the pipleline, operated by GDF Suez, from Royal DSM in 2009.